Kathmandu: As the aerial conflict between Israel and Iran entered its sixth day on Wednesday, global crude oil prices rose further, reflecting growing concerns over potential disruptions in the global energy supply chain.
West Texas Intermediate (WTI) crude for July delivery increased by $0.30, or 0.4%, to settle at $75.14 per barrel on the New York Mercantile Exchange. Meanwhile, Brent crude for August delivery rose by $0.25, or 0.33%, reaching $76.70 per barrel on the London ICE Futures Exchange.
The continued escalation in the Middle East has alarmed energy markets. The situation intensified on June 13, when Israel launched a large-scale airstrike targeting Iran’s nuclear infrastructure. Iran responded with retaliatory missile attacks, and both sides have since remained engaged in active hostilities.
Analysts warn that if the conflict spreads or impacts key oil transit routes—such as the Strait of Hormuz—it could cause significant volatility in global supply and price shocks. As traders brace for further developments, the risk premium on oil is expected to remain elevated in the near term.
